Elliott wave analysis of EUR/NZD for November 3, 2017

Wave summary:

EUR/NZD corrected higher to 1.6914, before losing steam and is again pushing lower and a break below support at 1.6790 will confirm a continuation lower to 1.6545 to complete wave ii and setting the stage for the next impulsive rally in wave iii towards 1.7778 and above.

Short-term only a break above minor resistance at 1.6871 will ease the downside pressure and call for a new minor pop closer to 1.6954 before lower again.

R3: 1.6954

R2: 1.6914

R1: 1. 6857

Pivot: 1.6790

S1: 1.6712

S2: 1.6660

S3: 1.6545

Trading recommendation:

We took half profit at 1.6910 for a small profit of 20 pips. We will take profit on the second half at 1.6910 too or take our stop + reverse to short EUR at 1.6790

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